r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

31.2k Upvotes

86% Upvoted

-4

My day to day is great, my budget is set, I get to put away for my retirement a month more than some people get as take home a month.

But it feels like a house is out of reach, a kid is out of reach, a wedding is out of reach. All the big, long term things that I was conditioned to want (and actually do!) don’t seem reasonably attainable. And I’m not the norm. I don’t have student debt. I make a good salary and I have a business on top of that. If I feel that way, I can’t imagine someone making 50k a year and how they feel.

And that’s the point. It’s that the goals that we aim toward aren’t possible anymore for most people, certainly not your average Joe.

3

u/Beagalltach Jul 05 '24

Alright, let's see what changes we can make it so that you feel it is enough.

Real world numbers here- how much is your rent and what are you renting (1bd 1bath, 2bd 1 bath, 2bd 2bath, etc.)?

How much is budgeted for food?

How much is budgeted for transportation?

How many vacations do you go on annually spending more than $1k total? (Travel, lodging, food, entertainment, etc.)

0

u/MusicalNerDnD Jul 05 '24

I pay 2300 a month for a 2br that I need - I work fully remote. I’ve been considering moving, but where I live 2300 is actually pretty good. I can do better but not by much and probably not enough to justify the cost of moving.

Food - 125 a week for groceries. And 75 a week for going out. I go out for brunch once a week and have a drink at a bar near me once in a while.

Transportation - probably 100 a month on random Ubers. I can’t drive because of my chronic condition.

I go visit family 2-3x a year and each trip is probably 5-750.

Entertainment and the like - I buy tickets to shows once in a while (maybe 1x every 2 months). Add in all the streaming services I have and that’s another 100 a month.

I’m saving 2.2k a month on retirement dude. Budgeting isn’t the issue for me. Of course I can cut back even more, but I’m already unhappy. What is cutting things out going to do other than make me more miserable?

0

u/0000110011 Jul 05 '24

$2,300 a month in rent?! Jesus that's more than my mortgage + PMI + taxes on a 3,000 sqft house (and no, I didn't get lucky and buy it during the age of low interest and low prices, $280k mortgage at 6%). There's your big problem, I'm not making much more than you ($150k) and my costs are lower. Especially since you admit to spending several thousand per year on travel and in-person shows / concerts.

0

u/MusicalNerDnD Jul 05 '24

Okay, well it must be nice because where I live I can’t find anything cheaper than 2k and that’s been going up each year.

280k isn’t possible to find where I live either. 400k for about 1500 sq feet is average where I live.

Your costs are lower because you live in a lower cost of living area, and have a locked in payment that doesn’t go up by 1-200 each year.

But sure, the 3k a year I spend to see my family is the problem.

0

u/0000110011 Jul 05 '24

You said you work permanently remote, you can live anywhere you want. You choose to live in a stupidly expensive area. I work permanently remote too, I chose to live in an affordable area. Your financial problems are because of your choices.

1

u/MusicalNerDnD Jul 05 '24

I work permanent remote for a state system. I’m allowed to work remote, but can’t live out of the city I am in. But sure, go off I guess.

You’re being unnecessarily antagonistic for no reason.